Developments have emerged that a correction will be on the horizon for four altcoins. The cryptocurrency market is clearly looking for new directions. For which altcoins significant developments are expected. Let’s look at the details.
Expectation of correction in Altcoin COMP price
The altcoin COMP price gave sell signals on the daily timeframe, indicating a trend reversal. The bearish trend on the daily chart indicates that COMP may lose 30% of its market value. It also shows that the price will go down to the $ 50 level. Closing of the daily candlestick above the $76 barrier and turning this barrier into a support base will invalidate the bearish thesis.
Altcoin COMP price seems to be rising despite clear signs that momentum is waning on the daily timeframe. This development screams ‘sell’. It is also a warning of a drop to the token holders of the Compound platform.
COMP price ready to take back its last gains
Altcoin COMP price formed two highs on July 2 and July 15 at $71 and $76. Accordingly, this situation seems normal at first glance. On a closer look, however, traders will realize that this uptrend is poised to reverse.
The Wave Trend indicator showed a bearish bias in the overbought zone on July 7. Accordingly, this indicates that it is time to sell. However, the altcoin COMP price continued to rise. It formed a higher peak on July 15 as mentioned above. This uptrend led to the formation of the second sell signal, the bearish divergence, despite the sell signal. The Relative Strength Index (RSI) and Awesome Oscillator (AO) are forming lower highs. On the other hand, the COMP price has formed a higher top. This setup is called a downtrend. It also usually results in a downtrend.
COMP/USDT 1-day chart
demand wall in Optimism
Optimism price rallied as high as $1.64 during the intraday rally. However, it turned bearish and traded at $1.45. The price increase caused the demand wall of 670.56 million OPs to be breached at $1.62. However, he could not sustain it. The altcoin is in a zone close to reaching the danger zone, which usually causes a trend reversal.
Optimism price made many investors happy on Friday after recording an impressive rally. Unfortunately, the altcoin has not been able to keep up with the rise. This caused the price to reverse. This has left many altcoin OP holders unhappy as they have profited and lost in a matter of hours.
Altcoin Optimism price drops significantly
Optimism price traded at $1.44, gaining around 20% on Friday following bullish signals in the market. At the time of writing, the altcoin has only registered a 6% increase. However, the 1 managed to stay above the 50-day Exponential Moving Average (EMA) marked in dollars.
Although the trading session ended in the green, the resulting candlestick left more than 71,000 traders unhappy as they lost their chance to make a profit. Collectively, these addresses purchased more than 670 million OP tokens worth close to $1 billion, which at one point yielded profits for investors. However, as quickly as they gained, they also lost their profitability when Altcoin Optimism price pulled back. Purchased at an average of $1.62, this demand wall did not break through for the sixth week. It also potentially tested the patience of investors at this point.
Bitcoin Cash is on the rise, but there’s more for investors to know
In the past month, few cryptocurrencies have risen as much as altcoin Bitcoin Cash. After a lackluster start to 2023, things changed in June. Accordingly, it has increased by more than 195% so far this year.
However, despite the short-term gains, Bitcoin Cash investors should be extremely careful. He should also keep his hopes in check for an ongoing run.
big news
On June 15, a new crypto exchange called EDX made its debut. It has differentiated itself from popular exchanges such as Coinbase Global and Binance due to its non-custodial services. Bitcoin Cash became one of four cryptocurrencies allowed to be traded on EDX. Others are Bitcoin, altcoin Ethereum and Litecoin. The choice of these cryptocurrencies was a deliberate move by EDX to avoid regulatory scrutiny. Because these cryptos are considered among the most decentralized. Therefore, they are not classified as securities under the Securities and Exchange Commission (SEC) regulations.
As a result, when this news broke, altcoin Bitcoin Cash caught the attention of investors. Because there was a perception that it had received approval from Wall Street and was considered a truly decentralized entity. This news took its place in perceptions as a rising news. However, it does not reflect the full picture of the bleak future of Bitcoin Cash. Eventually, the momentum behind Bitcoin Cash will likely subside as before. In preparation for this reality, it would be better for investors to prioritize original and proven cryptocurrency for a safer and more rewarding investment strategy.
Positive developments for XRP
In Ripple Lab’s ongoing legal battle with the SEC, a federal judge ruled that the altcoin XRP did not meet the criteria set for a security. However, Ripple’s sale of $729 million worth of XRP to institutions were considered unregistered securities offerings. Accordingly, the company violated the securities law.
The SEC’s lawsuit against Ripple will continue with a jury to decide whether Ripple executives knowingly participated in the illegal offering of altcoin XRP to institutional investors. The recent decision for XRP is encouraging. However, numerous cryptocurrency advocates warn against premature celebrations. Stephen Palley, a partner at the Brown Rudnick law firm, pointed out that the summary judgment is only partial. Also, Judge Torres’ decision does not set a legal precedent. At best, it can provide an effective insight for future courts to consider should they decide. Also, Palley highlighted the possibility, among others, that the SEC could choose to appeal the decision. This demonstrates the potential for a higher court to reverse the decisions made by Judge Torres.
What’s next for altcoin XRP price?
Altcoin XRP has crossed multiple key resistance levels, signaling a bullish trend. Also, the price reached a high of $0.938. However, the uptrend was short-lived as the XRP price quickly turned bearish. XRP price experienced a profit-taking momentum around $0.94. On the other hand, it was followed by a sharp bearish rally. Due to the massive increase in liquidation, the price has broken below multiple Fib channels. Accordingly, it found support near the lower $0.668 level. The bulls will aim to limit any pullback from the zone below the 38.2% Fibonacci retracement level to $0.63.
If the altcoin price rises and continues to trade above $0.75, it will strengthen the bulls’ confidence. Accordingly, it will prevent the price from falling into the bearish channel. A surge towards $0.9 could see profit taking again among traders. cryptocoin.com If the price stays below $0.75, it will retest the support at $0.6. Breaking below this level will push the price to the 61.8% retracement level. Accordingly, it will potentially delay the start of the next uptrend.
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